Confluent initiated with an Overweight at Stephens

Stephens initiated coverage of Confluent (CFLT) with an Overweight rating and $31 price target Confluent should benefit from the secular trend of generative AI needing real-time data for optimal inferences and the company has a “built in” total addressable market of upselling to the greater than 150,000 organizations using open source Kafka, the analyst tells investors in a note starting coverage of the data infrastructure software group.